The drop in oil prices has been the biggest contributor to the fall in consumer price inflation, October’s figures show a decrease for the first time in a year and are dropping at a record pace according to data released today.
The Office Of National Statistics say that consumer price inflation dropped from 5.2% in September to 4.5% in the latest October figures.
The news has triggered speculation of a further cut in the UK interest rate to follow the unprecedented 1.5% cut made last week. The Bank of England rate currently stands at 3%, it’s lowest for fifty years.
Retail price inflation also recorded a drop from 5% to 4.2% during the month, the decrease is the biggest seen since 1993.
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